PUTRAJAYA: Tycoon Tan Sri Ngan Ching Wen was yesterday declared a bankrupt after the Federal Court allowed an appeal by a foreign bank to enforce the order against him for failure to settle a debt of over RM5mil.
The three-man bench, headed by Chief Judge of Sabah and Sarawak Steve Shim and Federal Court Justices Abdul Malek Ahmad and Abdul Hamid Mohamad, unanimously overturned the Court of Appeal’s decision that acceptance of part-payments in the course of bankruptcy proceedings did not amount to an abuse of process.
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